Rakuten Securities Inc. Raises Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Rakuten Securities Inc. increased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 3,205.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 4,000 shares of the company's stock after purchasing an additional 3,879 shares during the period. Rakuten Securities Inc.'s holdings in Reddit were worth $654,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RDDT. Chartwell Investment Partners LLC lifted its holdings in shares of Reddit by 80.8% during the third quarter. Chartwell Investment Partners LLC now owns 22,544 shares of the company's stock valued at $1,486,000 after acquiring an additional 10,072 shares during the period. Entropy Technologies LP bought a new stake in Reddit during the third quarter worth about $231,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Reddit by 64.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company's stock worth $33,808,000 after buying an additional 201,776 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock valued at $33,231,000 after acquiring an additional 453,894 shares during the last quarter. Finally, Claro Advisors LLC acquired a new position in shares of Reddit in the 3rd quarter worth approximately $1,879,000.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 393,386 shares of company stock valued at $66,673,388.

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Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Needham & Company LLC raised their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Citigroup reissued a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They issued a "buy" rating and a $210.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $173.45.

Reddit Price Performance

RDDT stock traded down $9.56 during trading on Thursday, reaching $121.12. The company had a trading volume of 7,237,601 shares, compared to its average volume of 5,609,935. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business has a 50 day moving average of $178.06 and a 200 day moving average of $132.22. The company has a market cap of $21.91 billion and a P/E ratio of -15.67.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.